Since the renewal of the 421-a tax exemption program, the number of affordable housing units has been on the rise. Although you can easily apply for the affordable housing lottery online, the application process is much more complex than it is for regular apartments. Below, you can find the details about the application process and learn about the six steps of the process.
First, you need to do some research to find affordable housing lotteries that are currently accepting applications. Rentability by City5 offers a complete list of current affordable housing lotteries.
Each lottery is different and may have different income and household size requirements. Make sure you understand the eligibility requirements of the lotteries and apply only for the ones that you would qualify for if selected. That would help you to increase the chances of getting selected through the lottery.
Due to a large number of applicants and a limited number on the units available it may take a very long time for an applicant to hear back. Once you have a log number assigned to your application you can get a better understanding where you are at. The lower the log number, the better the chances of being contacted are.
Once you are selected through the lottery, you will be contacted by the marketing agent of the project to attend an eligibility appointment and submit the documents for further processing.
After the eligibility appointment, the marketing agent will review the documents submitted to verify eligibility and if its verified and application can be filed with HPD. If the agency approves the application the marketing agent will invite you to see the unit and will offer you to sign the lease.